OMB Watch - Billions Lost Annually Due to Tax Evasion

[struggle4progress]

<snip> The most significant meeting held last week was a Senate Finance Committee hearing on the U.S. tax gap. The tax gap is the difference between the amount of money the government is supposed to receive in taxes and the amount it actually does. Currently, the U.S. has a tax gap of approximately $353 billion per year. The hearing explored reasons why the tax gap exists and what steps the government and the IRS can take to work to close the gap. <snip>

The presence of a large tax gap is detrimental to the U.S. because it represents revenues the government should be receiving from taxpayers to help pay for national priorities. As ranking Minority Chairman Max Baucus (D-MT) stated at the hearing, the tax gap can also be thought of as roughly $1 billion per day the government should be accruing that it is not. <snip>

http://www.ombwatch.org/article/articleview/2792/1/2?TopicID=1

Sort of mushy article, may reflect the actual tone of the Committee meeting ...

[Massacure]

1. 350 billion from interest, plus 350 billion from lost taxes.

Think of what we could do with 700 billion dollars. That is so much money that it could double the size of the military or it could subsidize half of the healthcare in the United States.

The U.S. is so fucked up.

[shraby]

2. They need to close the offshore banking

facilities.

[Robert Oak]

3. PBS Frontline, Tax Me if you Can

Really goes into depth about corporate tax loopholes as well
as the rich and also talks about audits.

Also, "Perfectly Legal" by David Kay Johnston...another tax
book that will fascinate and amaze (versus put you to sleep
in 2 minutes...which is why the tax code and the IRS
is such a great area for theft and manipulation...
the topic puts most people to sleep in 2 minutes and they
cannot follow it...hence great place to manipulate and loophole).

[proud_dem]

4. I tend to feel that it is ...

more like the effects of the job market manipulation scheme bush has going than tax evaders.
They brag they are creating 100k jobs per month then a few weeks later it is adjusted down to 67k then in the mean time 30k workers are being laid off as the jobs go offshore. Its a little hard to keep honest books when the job numbers are being manipulated.
Then let's not forget that a great number of the jobs are being done by illegal immigrants "under the table" and are not even paying any taxes.



I am sure if the senate finance gets too close to discovering the real reason for the shortfall, the bushies will put an end to the investigation and story will be over.

Wasn't it poppa bush that fudged and hid something like a 600bn shortfall that wasn't discovered til Clinton took office?
If so, I am sure the fudging jr is doing (using daddy's same practices) is going to be in the trillions.